July 1 Precious stones miner Gemfields Plc
said its auction of emeralds would take place a month
later than originally planned and that the delay would lead to a
46 percent fall in full-year auction revenue.
Gemfields, owner of the Fabergé luxury jewellery brand, said
its auction of higher-grade rough emeralds would now take place
in Lusaka, Zambia from July 15 to 19, instead of Singapore,
where it was originally scheduled from June 10 to 14.
The Zambian government issued a directive in April that all
auctioning of emeralds be held in Zambia as their sale in
foreign markets contributes to capital flight.
Gemfields said on Monday that it had completed only two
auctions in the financial year ending June 30, 2013, due to the
delay, generating aggregate auction revenue of $42 million.
In the prior financial year, four auctions were held,
generating auction revenue of $77.9 million.